Treasury Buyback (20-30year nominal coupons, liquidity support, max. purchase USD 2bln): Accepts USD 2bln of USD 25.5bln offered, accepts 6 of 35 eligible securities

• Offer to cover 12.75x

The Treasury's buyback program, with an impressive offer coverage of 12.75x, signals strong demand for these long-duration securities, suggesting heightened liquidity support and potential stabilizing influences in the fixed income market. This could have broader implications for U.S. interest rates and risk sentiment, as substantial participation might reflect investor appetite in the face of current economic conditions.